Engaged Capital
Glenn Welling · CIK 0001559771 · latest 13F for 2026-06-30 filed 2026-08-14
Estimated from 13F holdings — long US equities only; follow-the-filing returns are net of an assumed 10 bps per unit of turnover.
About the fund
Engaged Capital is a Newport Beach-based investment management firm founded in 2012 that specializes in constructive activism. The firm focuses on small and mid-cap public companies, aiming to create long-term shareholder value by working with management teams and boards to improve operational performance and corporate governance.
Investment approach
The firm employs a constructive activist approach, primarily targeting small and mid-cap public companies that are trading at discounts to their intrinsic value. It focuses on operational drivers such as sales growth, margin improvement, and asset utilization, often working behind the scenes with management and boards to implement strategic changes. The firm avoids financial engineering, preferring to act as a private equity investor for public equities to generate long-term value.
History
Engaged Capital was formed in 2012 by Glenn Welling, a former principal at Relational Investors, to focus on small and mid-cap activism. The firm received seed funding from Grosvenor Capital Management in 2012. Since its inception, it has established itself as a constructive activist firm, focusing on operational improvements and corporate governance to unlock value in undervalued public companies.
Notable positions & campaigns
- Abercrombie & Fitch2014 — Forced significant governance and operational changes, including board restructuring and executive compensation reform.
- Jamba Juice2014 — Appointed two independent board members, including Glenn Welling, and pursued strategic shifts to a franchise model.
- AeroVironment2014 — Engaged in a proxy contest and pushed for value realization.
- VF Corp2023 — Entered into a cooperation agreement with the company.
- Shake Shack2023 — Entered into a cooperation agreement with the company.
Profile generated 2026-10-09 from public sources; may be incomplete or out of date.
- Founded by
- Glenn W. Welling
- Founded
- 2012
- HQ
- Newport Beach, United States
- Reported AUM
- $1.1bn (as of December 31, 2019)
- Website
- engagedcapital.com
Management
- Glenn W. WellingFounder and Chief Investment Officer
- Christopher B. HetrickDirector of Research
- Andrew JungChief Operating Officer and Chief Financial Officer
- Greg PaulsenDirector of Risk Management & Trading
- Donna WhiteChief Compliance Officer
- Richard T. GrayChief Client Officer
Holdings heatmap
Latest 13F (2026-06-30): top 9 positions grouped by sector, sized by weight, coloured by the change in weight since the previous 13F.
Holdings map
Each tile is a position, sized by reported value and coloured by the stock's own price return (red down, green up) — the LiquidRound / finviz-style map.
Copy portfolio vs SPY
Growth of $1 following each filing the trading day after it was filed.
Top holdings
Latest 13F (2026-06-30).
| # | Ticker | Value | Weight |
|---|---|---|---|
| 1 | VFC | $75M | 23.4% |
| 2 | YETI | $59M | 18.3% |
| 3 | GXO | $50M | 15.5% |
| 4 | EVH | $30M | 9.3% |
| 5 | FRPT | $29M | 8.9% |
| 6 | CGNX | $25M | 7.6% |
| 7 | BL | $23M | 7.2% |
| 8 | PTLO | $16M | 5.1% |
| 9 | — | $15M | 4.8% |
Sector mix
Top-25 holdings by weight.
Changes this quarter
| Move | Ticker | Prev wt | Now wt |
|---|---|---|---|
| trimmed | BL | 16.7% | 7.2% |
| new | FRPT | 0.0% | 8.9% |
| trimmed | YETI | 21.5% | 18.3% |
| added | GXO | 14.0% | 15.5% |
| trimmed | CGNX | 7.8% | 7.6% |
Quarterly copy returns
Each 13F held from the day after filing until the next filing.
| 13F period | Copy | SPY | Alpha | Coverage |
|---|---|---|---|---|
| 2026-06-30 | -5.1% | +0.4% | -5.5% | 77% |
| 2026-03-31 | -1.2% | +4.9% | -6.1% | 75% |
| 2025-12-31 | -14.2% | +7.9% | -22.1% | 73% |
| 2025-09-30 | +29.5% | +3.4% | +26.1% | 77% |
| 2025-06-30 | -19.7% | +3.7% | -23.4% | 76% |
| 2025-03-31 | -7.2% | +8.6% | -15.8% | 66% |
| 2024-12-31 | -22.4% | -2.5% | -19.8% | 82% |
| 2024-09-30 | +7.5% | +4.7% | +2.8% | 90% |
| 2024-06-30 | -7.2% | +6.2% | -13.4% | 65% |
| 2024-03-31 | +8.3% | +4.9% | +3.3% | 76% |
| 2023-12-31 | -7.4% | +5.6% | -13.0% | 74% |
| 2023-09-30 | +13.2% | +12.1% | +1.2% | 70% |
| 2023-06-30 | -10.9% | +1.9% | -12.8% | 50% |
| 2023-03-31 | +10.8% | +8.4% | +2.5% | 45% |
| 2022-12-31 | -4.5% | -0.5% | -4.0% | 41% |
| 2022-09-30 | +20.1% | +4.4% | +15.7% | 37% |
Filing dates
- 2026-08-1413F-HR for 2026-06-30 · $327M · 10 rows
- 2026-05-1513F-HR for 2026-03-31 · $303M · 8 rows
- 2026-02-1713F-HR for 2025-12-31 · $392M · 9 rows
- 2025-11-1413F-HR for 2025-09-30 · $408M · 9 rows
- 2025-08-1413F-HR for 2025-06-30 · $358M · 7 rows
- 2025-05-1513F-HR for 2025-03-31 · $392M · 9 rows
- 2025-02-1413F-HR for 2024-12-31 · $486M · 8 rows
- 2024-11-1413F-HR for 2024-09-30 · $617M · 9 rows
- 2024-08-1413F-HR for 2024-06-30 · $584M · 12 rows
- 2024-05-1513F-HR for 2024-03-31 · $617M · 11 rows
- 2024-02-1413F-HR for 2023-12-31 · $683M · 9 rows
- 2023-11-1413F-HR for 2023-09-30 · $549M · 7 rows
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